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The Financial Institutions Training Centre (FITC) has held its Thought Leadership Series 2.0, on the implications of the disruption of the banking industry by Financial Technology (FinTech).
The event, held in Lagos and attended by industry leaders from banking, insurance, Pension Fund Administrators (PFAs), National Pension Commission (PenCom), Nigerian Stock Exchange (NSE), Securities and Exchange Commission (SEC), fintech firms and the Central Bank of Nigeria (CBN), was an opportunity for the participants to review preliminary findings of a FinTech Awareness and Skill survey deployed by FITC, FinTech Association and FinTech Circle, UK and proffer regulations and operational solutions for the emerging landscape of the financial services sector.
The event, with the theme: ‘Emerging Financial Technology and the Nigerian Financial Services Sector: Exploring Opportunities for Global Competitiveness’ had a panel session, where both regulators and operators spoke on opportunities and threats presented by the emergence of FinTechs and the preliminary findings of the survey.
Speaking at the event, FITC managing director/CEO, Lucy Surhyel Newman, said the financial services sector had experienced disruption because of the innovation related to technology. She said that FITC and its partners as named, chose to start from the basis of the research, by getting data on the industry and then get stakeholders to discuss key industry issues.
Also speaking at the event, CBN deputy governor, Financial System Stability and chairman, FITC Board, Aishah Ahmad, said fintechs present a huge opportunity for the financial sector, especially in getting more unbanked to embrace financial services.
She said fintech would help in cross-boarder payment and help bring in more funds from the Diaspora into the economy, saying a large part of the Diaspora remittances were still in the informal sector, as there was a need to bring them into the formal sector through fintechs.
Mary Uduk, acting director-general, SEC, said the fintech market needed to be ahead of regulation. She said regulators would always watch to see loopholes in the industry operation and intervene through laws and guidelines for the sector.
Ade Bajomo, executive director, Information Technology at Access Bank plc, who was one the discussant at the panellist session, said the financial sector should welcome and adopt digital technology adding that fintech was the way to go.
Other panellist included the director-general SEC, Mary Utuk, who chaired the session, CEO/executive secretary, E-Payment Providers Association of Nigeria (E-PPAN), Onajite Regha, Babatunde Obrimah, representing FinTech Association Nigeria, and Aderemi Atanda, representing Systemspecs.
Newman speaking at an interview after the event, said: “You can see from the panellist’s discussion, first of all, how they responded to the survey, and what their respective institutions are doing, and what they think regulators should do to help the system. For us at FITC, from the fact that financial technology has entered the financial services sector, we think it is better for the financial services sector to embrace it. For us at FITC, we are happy to bring such conversations, and hopefully, apt policies can emanate from today’s discussion.”
Newman also spoke on her legacies at the FITC at the event, saying her biggest legacy was being able to take FITC beyond the aspired Financial System Strategy (FSS) 2020 environment, for FITC institutional members and stakeholders.
“FITC is now wholesome and reflects the entire Financial Services Sector. When we updated the composition of the board, we added one seat for regulators in other industries in the financial services on a rotational basis. Having the other regulators on the table for FITC is a big one. This year, FITC introduced six courses for insurance. Before, if FITC had this programme, it will be mainly banks in attendance.
“But the fact that we had capital market regulators, Securities and Exchange Commission, National Insurance Commission, Microfinance Banks, Pension Fund Administrators, among others are all here. For me, one of the wins is bringing us around the table to speak again. I think that was facilitated because FITC was the Chairperson of Financial System Strategy (FSS) 2020 Human Capital/Development Implementation Committee from 2006-2013,” she said.
According to Newman, FITC has always been in the middle of the mix. “We are member-based and consist of the membership of the Nigerian Bankers’ Committee, but we serve the entire Financial Services Sector. The audience we have today are from the entire sector- pension, insurance, capital markets, banking, regulators. So, we are happy to have this conversation. It is time to collaborate, partner and leverage on the experiences of various industries within the Nigerian Financial System, for global competitiveness.
“We have financial institutions that are going out of Nigeria and into other countries, and in a short time, setting the service standards in those countries. So, how do we retain our leadership roles, and at the same time, protecting institutions against the downside of fintech, as well as educating the public to embrace it, so that we can reach more people in the financial inclusion space,” she said.
Speaking on the interim fintech survey discussed by the panel, Newman said: “ This is the first fintech survey on this side of Africa by FinTech Circle UK. We collaborated with FinTech Association and FinTech Circle, UK, which had done a similar thing in the UK. So, this programme is part of the response process. God willing, the survey findings will be published before the end of this year”.
Continuing, Newman thanked all the people who have supported her during her tenure at FITC. “I also thank God, who gave me the platform to work and also appreciate my colleagues at FITC. They are awesome people. FITC is the people, and without the people, there is no FITC. So, you cannot build FITC without the staff. She said.
The FITC Thought Leadership Series 2.0 event, was Dr. Newman’s final public programme to the sector, as FITC MD/CEO.
